Getting a credit card in Malaysia comes down to meeting specific eligibility requirements set by Bank Negara Malaysia and individual banks. The main factors are your annual income, employment status, and credit history. Even if you’ve banked with an institution for years, you still need to meet their income thresholds – your existing relationship doesn’t override these requirements.

Understanding what qualifies you for a credit card before applying saves time and protects your credit report. 

What Is The Minimum Income Needed For Basic Credit Cards?

Bank Negara Malaysia sets the minimum income to apply for a credit card at RM24,000 per year (RM2,000 per month). This is the minimum across all Malaysian banks, no bank can issue you a credit card if you earn less than this amount.

However, earning RM24,000 annually only qualifies you for the most basic credit cards. A basic cashback card might accept RM24,000, while a platinum travel card from the same bank could require RM60,000 or more.

Special rules for incomes below RM36,000 annually

If your annual income is RM36,000 or less, Bank Negara Malaysia imposes additional restrictions to protect you from over-borrowing:

Two-bank limit: You can only hold credit cards from a maximum of two banks. If you already have cards from two banks and want to apply at a third, you must close an existing account first.

Credit limit cap: Each bank can only extend a credit limit up to twice your monthly salary. If you earn RM3,000 per month, the highest credit limit from any single bank is RM6,000. Even if the bank approves you for a card that typically offers RM10,000 limits, yours will be capped at RM6,000.

These restrictions apply per bank, not per card. If you have two cards from the same bank, their combined limit cannot exceed twice your monthly income.

Once your annual income exceeds RM36,000, these restrictions no longer apply, but individual card income requirements still matter. A bank might offer you a higher credit limit, but you still need to meet each specific card’s minimum income threshold to qualify for it.

What’s The Difference Between Requirements For Platinum Versus Basic Cards?

Credit cards are structured in tiers, and each tier has different income requirements:

Basic and Gold cards typically require RM24,000 to RM30,000 annually. These are entry-level cards designed for first-time applicants or those with moderate income. Most banks offer at least one card at the RM24,000 minimum.

Platinum cards generally require RM36,000 to RM60,000 annually, though some banks set this threshold higher. The exact amount varies significantly between banks, one bank’s platinum card might need RM36,000 while another requires RM48,000 for a similar product.

Premium cards (Visa Infinite, Mastercard World, or bank-specific premium tiers) typically require RM80,000 to RM150,000 or more annually. These cards target high-income earners and come with the strictest requirements.

Some banks also maintain high minimum requirements across all their cards. For example, certain international banks require RM96,000 or RM102,000 annual income for even their most basic offerings.

The exact income threshold for each card is listed on the bank’s website and on our credit card comparison page, where you can filter by your income level to see which cards you qualify for.

What documents do I need to apply for a credit card?

The documents required depend on how you earn your income, but all must be computerised.

Salaried Employees: Typically, banks request your latest payslip or EPF statement showing at least six months of contributions. If your salary includes variable allowances, you may need to provide three months of payslips and bank statements to verify recurring income.

Self-Employed / Business Owners: Banks require business registration documents (SSM Form 9, 24, or 49), six months of company bank statements, and your latest Form B with the LHDN tax receipt to confirm official income.

Commission or Freelance Income: Bring six months of computerised commission statements along with your latest EA Form or Form BE and LHDN receipt. Banks need to see stable income over time, not just a single strong month.

All documents should be clear and complete. Blurry or cropped scans may be rejected by automated systems before any human review.

Can Foreigners Apply For Credit Cards In Malaysia?

Yes, but the requirements are stricter and approval is more difficult compared to Malaysian citizens.

Banks require a valid work permit or employment pass (EP) with at least one year remaining before expiry. The minimum income requirement is often higher than for citizens – some banks add RM10,000 to RM20,000 to their standard thresholds for foreign applicants.

You must provide your passport, a letter from your employer confirming your role and expected length of stay in Malaysia, and proof of a Malaysian address. Many banks also require you to hold an existing savings or current account with them for at least three to six months before considering your credit card application.

Most banks do not approve unsecured credit cards for foreigners who have just arrived in Malaysia or those on short-term contracts. Student visa holders face even more restrictions, with most banks refusing applications entirely.

However, foreigners who don’t qualify for unsecured credit cards can apply for a secured credit card. These cards are linked to a Fixed Deposit account, with the credit limit typically set at 80% to 100% of your deposit amount. The deposit earns interest while it’s held and is returned when you close the card, provided all balances are paid. This option is particularly common for foreigners, as it removes the income verification burden and the bank’s risk is covered by your deposit.

After maintaining a secured card with a good payment history for six to twelve months, many foreigners find it easier to qualify for a regular unsecured credit card, especially once they establish a longer employment history in Malaysia.

What If I don’t Meet The Standard Requirements?

If you don’t meet the requirements for a regular card, a secured credit card is often the best alternative. Approval for these cards is based on a Fixed Deposit rather than income.

The credit limit is usually set at 80% to 100% of the deposit, which earns interest while it is held. The deposit is returned when the card is closed, provided all balances are paid.

After six to twelve months of timely payments, your credit history improves, making it easier to qualify for an unsecured credit card in the future.

Before You Apply

Credit card eligibility in Malaysia is straightforward once you know the rules. Check your annual income, identify which tier you fall into, and apply only for cards within your range. Banks publish their requirements clearly, and RinggitPlus’s comparison tool lets you filter by income to see exactly what’s available to you. If you’re below the threshold for the card you want, a secured card gives you a path forward while building the credit history that makes future approvals easier.

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